NEW DELHI: Home design and renovation platform Livspace said IKEA’s strategic partner Ingka Group has invested an undisclosed sum in the India-based company.
“Ingka Investments, the investment arm of Ingka Group (Ingka Holding B.V and its controlled entities), has made a minority investment in the company. Ingka Group is a strategic partner in the IKEA franchise system, representing 90 per cent of the total IKEA retail sales through 367 stores in 30 markets including India,” Livspace said in a statement.
With Ingka’s strong global footprint and Livspace’s disruptive technology platform, the investment enables a sharing of expertise between the two companies, it added.
Livspace said it will deploy its newly raised funds across areas such as developing new home interior solutions and products, market expansion as well as growing its offline footprint.
“On one hand, the investment gives us the opportunity to create one of the best omni-channel interiors and furniture purchase experience for homeowners. On the other hand, interior designers and vendors can anticipate a richer design and supply experience,” Livspace co-founder and CEO Anuj Srivastava said.
Launched in 2015, Livspace had raised USD 70 million (about Rs 490 crore) as part of its series C round and brought TPG Growth and Goldman Sachs onboard as investors.
Livspace said the fresh investment comes months after the last round and Avendus Capital was the financial advisor to the company for the investment.
Source: Press Trust of India